Swedish Saab to sell space division to Swiss RUAG
Swedish group Saab is selling its space division to Swiss group RUAG Holding for CHF 56.5 million.16 July 2008
STOCKHOLM - Swedish group Saab AB on Tuesday said it will sell its space division to Swiss group RUAG Holding AG.
In addition to the Saab Space AB division, the deal included the Vienna-based subsidiary Austrian Aerospace.
Saab Space provides computer systems, antennas and microwave electronics for satellites as well as adapters and separation systems for launchers.
The deal, worth 335 million kronor (CHF 56.5 million) for all shares in Saab Space AB, hinges on approval from competition authorities.
Saab chief executive Ake Svensson said in a statement that it was "a good time to act since a consolidation process in the European space industry is ongoing".
[dpa / Expatica]